I want to sell my house but I cant because ....

[helpful herbie]

I own my house, on a complex. I have no mortgage. I have a contract signed by the developer which
states there is no mortgage or any other encumbrance on the land dated 12/2006

11/2007 the developer took out a mortgage on the land of the complex.

I do not have the title deeds yet although I have an AX number.

Question : No agent will sell my house without title deeds or a waiver to show there are
no mortgages on the land. Can I insist on a waiver from the developer ? Or what is my course
of action to sell the house I own ?

Thank you

[Nigel Howarth]

Hi helpful herbie and welcome to the forum.

One of the problems is that you do not own the house until its Title Deed has been registered in your name. However, this should not prevent you from selling the property.

Anyone wishing to buy the property should use an assignment or a vesting contract, which will put them in exactly the same position as when you purchased the property (it would be the same as changing the name on your contract that has been lodged at the Land Registry).

To make sure there are no mortgages that pre-date your deposit of contract (regardless of what it says in your contract) I suggest you get the Land Registry to carry out a Title search - see http://www.news.cyprus-property-buyers. ... /id=004888

As for getting a waiver, this will need to come from the developer's bank (not the developer) - and if he did take out a mortgage in 11/07 it should be easy to see which bank it is.

As you have your AX number, it shouldn't be too long before the Title Deeds are issued (suggest you check with the Land Registry). And once you have paid the Property Transfer Fees and the property has been registered in your name as its legal owner, you should have no problems in getting an Estate Agent to market it.

Regards,

[Pantheman]

I own my house, on a complex. I have no mortgage. I have a contract signed by the developer which
states there is no mortgage or any other encumbrance on the land dated 12/2006

11/2007 the developer took out a mortgage on the land of the complex.

I do not have the title deeds yet although I have an AX number.

Question : No agent will sell my house without title deeds or a waiver to show there are
no mortgages on the land. Can I insist on a waiver from the developer ? Or what is my course
of action to sell the house I own ?

Thank you

Hello,

The fact that you have an AX number is a v good sign. The developer has applied for final certificate, which is more than most people have got.
The developer may have taken out a mortgage, but he may also have repaid it, do you know if this is the case?
I don't know what agents you have dealt with, but if we were to take this line, there would hardly be any properties for sale, seems you need another agent. I am not aware of any agent refusing to take on board a property with these circumstances.
Where is your property located?

[helpful herbie]

The developer has NOT paid of the mortgage, one still exists on the complex
although I have been informed that I am 'safe' due to the fact that my contract
was signed before the mortgage was taken out.

Yes, I agree, I thought that about the estate agents, but the two I have contacted
would not even come round to view due to not having title deeds ! The property is in
Tala.

[helpful herbie]

Does anyone know if getting a lawyer will help me with :-

1. Finding out from Land Registry when my Title Deeds are going to be ready.

2. Finding out what I can do as the Developer has taken out a mortgage after my contract
was signed, and it is now effecting me selling my property. The contract says there is no
mortgage on the property or land. This is illegal.

Thank you for any help you can give me.

[Nigel Howarth]

Hi helpful herbie

I'm afraid that a lawyer or anyone else will be able to find out when the Title Deeds will be issued. I guess it will take around a year from the date the AX number was issued.

A mortgage taken out after your contract of sale was deposited at the Land Registry will not affect your ability to sell as it will not apply to the property you purchased.

Regards,

[helpful herbie]

Thank you for all your help Nigel